Newark’s Clockwork Logistics Systems concluded a $5.5 million seed round from leading logistics venture investors. The Clockwork platform extends existing operating systems to truck carriers and truck drivers to capture precise Proof of Delivery (POD) data in the delivery moment. Customers utilize Clockwork to digitize a range of complex deliveries including Port Drayage (Haulage), Less than Truck Load (LTL), Expedited Air and Final Mile delivery.
“When it comes to digitizing motor carriage, global shippers face a classic hardware vs. software dilemma,” explains Rob Haney, CEO and founder of Clockwork. “There is no shortage of hardware you can affix to the truck to provide ‘visibility’, but visibility is not as valuable as Proof of Delivery (POD). At Clockwork we offer a software and mobility solution that captures details of the POD, alerts your team if the driver encounters unexpected surcharges and immediately reports if the product is short or damaged.”
Customer expectations around deliveries have shifted and the need to more closely manage an existing truck carrier network has never been greater. Clockwork is geared toward supply chain and logistics leaders who want to make a positive change but cannot detangle from existing legacy systems. Clockwork is built to bolt onto an existing operating system and then transform the relationship with the carriers and drivers. Clockwork enables shippers to double-click on the carrier and see performance metrics at the driver level.
Clockwork manages 1.2 million shipments annually across multiple geographic regions including N. America, Brazil, Singapore, Taiwan, Thailand, China, Japan, Korea, Europe, and Africa. The respective headquarters of the seed round investors match the global stance of the platform. The round is led by Newtown Partners, via the Imperial Venture Fund from their office in South Africa, and joined by Newark Venture Partners, PSA UnboXed based in Singapore, Vineta Ventures based in Hamburg and Estes Final Mile, a wholly owned subsidiary of Estes Express Lines, in Richmond, Virginia.
Llew Claasen from Newtown Partners explains their unique way of identifying investment opportunities. “We first research where we think there is a great area to invest and then find the startups going after it and most likely to be successful. We identified international delivery digitization as an important area with lots of future market potential, and then we found Clockwork as an early leader. We continue to be impressed by the experience of the team, their product and the traction they have with industry leaders.”
